The Micro, Small and Medium Enterprises (MSME) sector has emerged as a highly vibrant sector of the Indian economy over the last five decades. The sector plays an imperative role in the development of the economy. This is evident from the fact that the sector contributes 8% of the country’s GDP, 45% of the manufactured output and 40% of its exports. The MSMEs provide employment to about 60 million persons through 26 million enterprises producing over six thousand products ranging from traditional to high-tech items. This sector has huge potential and has the ability to take the Indian economy to higher growth trajectory. MSMEs sector facilitates socio-economic development of the country as a whole and thus has become a strategic asset for the economy to realize its basic and essential objectives.